Finland’s Butterfly Ventures participates in a €970k round for Swedish biotech Retein
The Gothenburg-based company Retein, the developer of a technology for water separation, has closed its €970,000 financing round co-led by Industrifonden, Butterfly Ventures, Navigare Ventures, and business angels. The investment will help to increase the startup’s production volume.
- Retein, recently named Aquammodate, was founded in 2019 at Chalmers University of Technology, and offers a technology for energy-efficient and high purity water separation. It is based on the silica stabilization process that allows the aquaporins to be used as an additive to various kinds of filters on a wide range of scales.
- The round was backed by the following investors:
- The Helsinki-based Butterfly Ventures, a seed stage VC, that focuses on the Nordics and invests in deep tech, hardware, and hardware interfacing software. Recently, it co-led $2 million funding round for the Stockholm-based Reactional Music.
- Swedish VC funds Industrifonden that focuses on early stage technology and life science companies with international potential, and Navigare Ventures that specializes on science-driven companies.
“We are excited to welcome Industrifonden, Butterfly Ventures, and Navigare Ventures on board our journey towards enabling sustainable reuse of resources such as clean water. Their extensive experience in scaling and advancing deep tech solutions adds additional strength on our path to realize the transformational potential of our solution,”Simon Isaksson, co-founder and CEO of Retein, said.
- The new investment will be used by Retein to increase the production of stabilized aquaporins and finalize the development of a filtration module with embedded aquaporins.